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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Steel Partners
Steel Partners (SPLP) investor relations material
Steel Partners has been delisted
Steel Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Revenue for Q3 2025 increased 4.4% year-over-year, driven by strong growth in Financial Services and modest gains in Diversified Industrial, partially offset by declines in Supply Chain and Energy segments.
Net income for Q3 2025 was $71.2 million, up from $36.9 million in Q3 2024; nine-month net income was $177.1 million, down from $196.6 million in the prior year period.
The company maintained compliance with all debt covenants and reported robust liquidity, with working capital of $716.4 million and $532.8 million available under its credit facility as of September 30, 2025.
Financial highlights
Q3 2025 revenue: $543.5 million (up 4.4% year-over-year); nine-month revenue: $1.59 billion (up 4.2%).
Q3 2025 net income: $71.2 million (up 93% year-over-year); nine-month net income: $177.1 million (down 10%).
Q3 2025 EPS (basic): $3.75; nine-month EPS (basic): $9.32.
Q3 2025 operating cash flow: $150.2 million; nine-month investing cash outflow: $139.7 million; nine-month financing cash inflow: $43.7 million.
Realized and unrealized gains on securities contributed $26.2 million in Q3 2025.
Outlook and guidance
Management expects to remain in compliance with all credit covenants and maintain sufficient liquidity for at least the next twelve months.
The company continues to focus on operational improvements, capital allocation, and potential acquisitions to drive long-term value.
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Latest events from Steel Partners
- Annual meeting to vote on directors, pay, auditor, and tax benefit protection extension.SPLP
Proxy Filing - Annual meeting to vote on directors, executive pay, auditor, and tax benefits extension.SPLPProxy Filing
- Key votes include director elections, say-on-pay, auditor ratification, and tax benefit protection.SPLPProxy Filing
- Q2 2025 revenue up 3.5% year-over-year, but net income declined on higher taxes and lower gains.SPLPQ2 2025
- Revenue up 4.8% to $499.2M; net income down to $29.1M; strong cash flow and ongoing buybacks.SPLPQ1 2025
- Q3 net income rose 32% on 5.7% revenue growth, with margin expansion and strong cash flow.SPLPQ3 2024
- Q2 net income more than doubled on higher revenue and a one-time $71.5M tax benefit.SPLPQ2 2024
- Record revenue and net income growth fueled by industrial and financial services strength.SPLPQ4 2024
Steel Partners
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Frequently asked questions
Steel Partners Holdings L.P. (SPLP) is a diversified global holding company that operates across various industries. The company's business segments include diversified industrial products, energy, financial services, defense, supply chain management, logistics, and youth sports. Key offerings range from the fabrication of precious metals and alloys, seamless stainless steel tubing, and specialty fasteners, to the design and manufacturing of power electronics and motion control equipment. Additionally, Steel Partners provides services in consumer and small business lending, credit card issuance, and oil and gas drilling and production. The company is also involved in youth sports through its Steel Sports subsidiary. Steel Partners Holdings L.P. is headquartered in New York, New York, and its shares are listed on the NYSE.